The Independent Media and Policy Initiative has said recent economic reforms have coincided with improved revenue performance among companies in Nigeria’s real sector.
In a policy brief signed by its Chairman, Omoniyi Akinsiju, the group stated that firms in productive sectors appear to have adjusted to the evolving policy environment, with stronger annual returns.
The think tank said it had reviewed economic developments since 2023 and observed an improvement in the performance of privately managed companies. It added that public criticism of the reforms has not been sufficiently supported by data.
According to the statement, “We have followed with concern the bewildering polemics with which Nigeria’s political opposition is deliberately scandalising the public space to demean the economic reforms being implemented by the President Bola Tinubu-led federal administration as ill-considered and inconsequential.
“From our standpoint, we surmise that the opposition’s propagation of bellicose intent against the federal government’s reforms lacks empirical validation and is generally pivoted on abysmal, commonplace, and sentimental generalisations.”
IMPI said its assessment of economic trends indicates that reforms have contributed to renewed activity in the real sector, although it acknowledged implementation challenges.
“Contrary to the frequent public espousal of reform failure by the opposition, our reading of the national economic trajectory since 2023 strongly indicates otherwise.
“While we acknowledge the inevitability of some challenges inherent in the implementation of any body of reform policies, we assert that the Tinubu policies have, in significant ways, accomplished the first purpose of a sovereign’s economic rejuvenation: the resuscitation and strengthening of the real sector of the economy,” the statement said.
The group added that improved corporate performance has implications for output, employment, and broader economic activity, noting that its conclusions are based on market conditions rather than pre-reform subsidy frameworks.
“Our affirmation of the recovery of the nation’s critical real sector is predicated on the framework of market reality, which represents the actual, current conditions of the marketplace, including consumer behaviour, competitor actions, and economic constraints, rather than the subsidy conditions prevalent during the years before the commencement of the implementation of the reform policies in 2023.
“Our submission is corroborated by verifiable data that profiles the performance of quoted companies on the Nigerian Stock Exchange and artisanal enterprises in the informal sector.”
The think tank highlighted performance data from several listed companies. “Top performers on the list of high-revenue-generating companies include Guinness Nigeria Plc, which reported a profit after tax of N41bn in its audited 18-month results ending on December 31, 2025, marking its first return to profitability since 2023.
“MTN Nigeria Communications Plc delivered one of the most significant turnarounds, posting a profit before tax of N1.7tn in 2025 compared to a N550.3bn loss in 2024. Airtel Africa Plc also returned to profitability, with a profit after tax of $328m, reversing a $89m loss recorded in 2024.
“Nigerian Breweries Plc returned to profitability after two years. The company recorded a 68.9 per cent increase in revenue to N383.6bn, primarily driven by volume growth, up from N222.17bn in 2024 and N123.31bn in 2023.
“International Breweries Plc also returned to profitability, reporting a pre-tax profit of N88.9bn in its 2025 audited results, compared with a N111.8bn loss in the prior year. Dangote Cement Plc reported revenue of N4.31tn, up 20.28 per cent from N3.58tn in 2024.
“Seplat Energy Plc announced N4.14 trillion in revenue in 2025, about a 150.4 per cent increase over the N1.65tn reported in 2024. Unilever Nigeria Plc’s gross profit rose 62 per cent to N90bn, while net profit doubled to N32bn, up from N15bn in the same period in 2024,” IMPI said.